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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring

					(Level 1)			(Level 2)
					Quoted Prices in			Significant			(Level 3)
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
Description		Total			Assets			Inputs			Inputs
As of March 31, 2023:
Securities
Debt Securities Available for Sale		$	86,988		$	-		$	86,988		$	-
Marketable Equities		$	14,458		$	14,458		$	-		$	-
Total Securities		$	101,446		$	14,458		$	86,988		$	-
As of December 31, 2022:
Securities
Debt Securities Available for Sale		$	91,715		$	-		$	91,715		$	-
Marketable Equities		$	17,686		$	17,686		$	-		$	-
Total Securities		$	109,401		$	17,686		$	91,715		$	-

Fair Value Measurements, Nonrecurring

					(Level 1)			(Level 2)
					Quoted Prices in			Significant			(Level 3)
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
Description		Total			Assets			Inputs			Inputs
As of March 31, 2023
Individually Evaluated Loans		$	3,591		$	-		$	-		$	3,591
Other real estate owned		$	75		$	-		$	-		$	75
As of December 31, 2022:
Individually Evaluated Loans		$	5,587		$	-		$	-		$	5,587
Other real estate owned		$	75		$	-		$	-		$	75

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
March 31, 2023:
Individually Evaluated Loans	$	3,591	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2022:
Individually Evaluated Loans	$	5,587	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Carrying Values and Estimated Fair Values of Financial Instruments

			As of March 31, 2023
								Quoted Prices in Active			Significant			Significant
		Carrying						Markets for Identical Assets			Other Observable Inputs			Unobservable Inputs
		Value			Fair Value			(Level 1)			(Level 2)			(Level 3)
		(In Thousands)
Financial assets:
Cash and cash equivalents		$	261,075		$	261,075		$	261,075		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			86,988			86,988			-			86,988			-
Equity investments			14,458			14,458			14,458			-			-
Loans receivable, net			3,231,864			3,179,864			-			-			3,179,864
FHLB of New York stock, at cost			26,875			26,875			-			26,875			-
Accrued interest receivable			14,717			14,717			-			14,717			-
Financial liabilities:
Deposits			2,867,209			2,570,016			1,695,835			874,181			-
Borrowings			532,399			528,408			-			528,408			-
Subordinated debentures			37,566			40,681			-			40,681			-
Accrued interest payable			3,072			3,072			-			3,072			-

			As of December 31, 2022
								Quoted Prices in Active			Significant			Significant
		Carrying						Markets for Identical Assets			Other Observable Inputs			Unobservable Inputs
		Value			Fair Value			(Level 1)			(Level 2)			(Level 3)
		(In Thousands)
Financial assets:
Cash and cash equivalents		$	229,359		$	229,359		$	229,359		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			91,715			91,715			-			91,715			-
Equity investments			17,686			17,686			17,686			-			-
Loans held for sale			658			658			-			658			-
Loans receivable, net			3,045,331			2,876,925			-			-			2,876,925
FHLB of New York stock, at cost			20,113			20,113			-			20,113			-
Accrued interest receivable			13,455			13,455			-			13,455			-
Financial liabilities:
Deposits			2,811,607			2,499,978			1,713,754			786,224			-
Debt			382,261			377,227			-			377,227			-
Subordinated debentures			37,508			40,113			-			40,113			-
Accrued interest payable			3,073			3,073			-			3,073			-

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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